The pandemic has upended the retirement trajectory of many business owners. Dealing with more uncertainty than ever, scores have been faced with the decision to close down, sell, or try to keep their business afloat. While Covid-19 has introduced additional variables into the exit planning equation, business owners shouldn’t lose sight of core considerations that have always existed:  Are you remaining in your business long after you should because of your attachment to your

If you’re a late-career professional trying to figure out retirement, this pandemic poses a triple threat. You’re contending with the potentially greater risk of medical complications, it can be hard to explore popular post-work activities right now (such as volunteer roles and travel), and it’s anybody’s guess what will happen with the stock market. The decisions surrounding retirement may feel more fraught because the future is so uncertain. There’s no telling what trajec

There’s an old joke about a couple who were celebrating their 50th anniversary. When asked about the secret to their long marriage the husband replied, “when we got married, we made a pact that no matter what happens, we would always go out twice a week.” His wife nodded in agreement. He then added, “We never missed a week. I went out on Mondays and Wednesdays, and she went out on Tuesdays and Thursdays.” Perhaps you have your own secret to a long and happy life together,

One of the functions of work is that it provides structure to our lives. Even if your work is quite varied, chances are you still follow a schedule of some sort. Now, for just a moment, imagine having no place to go, no appointments, and no schedule. Some people are reluctant to even think about exit planning because they can’t conceive of a life without a work routine. They’re convinced that such a life will feel aimless and unsettling. So how will you spend your days?

There are some interesting findings in the past two Retirement Surveys conducted by the nonprofit Transamerica Center for Retirement Studies®. The respondents included over 1800 employers and roughly 6000 workers. Here is a noteworthy selection from the report: Three quarters of employers consider themselves to be “aging friendly”, yet only 54% of workers share that sentiment, and only about a quarter of firms have adopted a formal Diversity & Inclusion policy that specific

The other evening, I ran into a friend Peter who I hadn’t seen in some time. He appeared relaxed and contented, and he informed me that he retired last year. We chatted about his various pursuits and initiatives. Peter related a story about a colleague at his old company who was apprehensive about his own retirement, fearing he would feel aimless and bored. Seeking reassurance he phoned frequently during Peter’s first few months of retirement to ask, “what are you doing?”

Most of us have beliefs and assumptions about retirement, often based on what we’ve witnessed among friends and relatives. Yet the reality of retirement may not always coincide with our expectations, which makes it that much more important for you to give serious thought to this next chapter in life. The Pew Research Center conducted a survey comparing what younger Americans expected later life to look like, versus the reality experienced by those 65 and up. They found some

I had coffee last week with an esteemed colleague who offers pre-retirement counseling like me. We were discussing how notions of retirement have changed over the past few decades, so much so that many people have tried to coin new terms to replace the word “retirement” itself. “Reengagement” and “Life 2.5” are two such contenders. While it may be the case that baby boomers have reinvented retirement, I’m a bit wary about giving retirement a new name. True, we have access to

We’ve all seen the ads on television telling us to plan for retirement and save more money. They’re absolutely correct and the earlier you start the better. But whether or not you build the nest egg you want, you still need to be psychologically prepared. In fact, I’ve encountered many financially comfortable people who were surprised by how strongly their emotions impacted their transition to retirement. You can’t go from the present to an active and meaningful retirement wi